‘Not usual economic crisis’: Arvind Subramanian on COVID-19 shutdown

Former Chief Economic Advisor Arvind Subramanian said the economic crisis linked to the coronavirus pandemic is a “much, much bigger” issue than what the world has seen in the past. “It’s much more uncertain and much more unusual. How quickly unemployment has shot up, how quickly businesses have shut down. In this crisis, every big economy has been hit very badly, and it is transmitting to all other nations,” Mr Subramanian said. “How long can society take these measures like social distancing? What is their saturation level? This is an uncertain thing. It is not a conventional economic crisis. It’s a shock in which both demand and supply are affected,” he said.